Teacher Retirement System of Texas Purchases New Stake in First Republic Bank (FRC)
Teacher Retirement System of Texas purchased a new stake in First Republic Bank (NYSE:FRC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,146 shares of the bank’s stock, valued at approximately $224,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of FRC. Barnett & Company Inc. purchased a new position in First Republic Bank during the 2nd quarter worth $100,000. Shine Investment Advisory Services Inc. bought a new stake in shares of First Republic Bank during the 2nd quarter worth $128,000. Parallel Advisors LLC raised its stake in shares of First Republic Bank by 21.4% during the 2nd quarter. Parallel Advisors LLC now owns 1,317 shares of the bank’s stock worth $132,000 after purchasing an additional 232 shares during the period. Creative Planning raised its stake in shares of First Republic Bank by 21.3% during the 2nd quarter. Creative Planning now owns 1,407 shares of the bank’s stock worth $141,000 after purchasing an additional 247 shares during the period. Finally, Peddock Capital Advisors LLC bought a new stake in shares of First Republic Bank during the 2nd quarter worth $180,000. 99.07% of the stock is owned by institutional investors and hedge funds.
Shares of First Republic Bank (FRC) opened at $92.94 on Friday. First Republic Bank has a 52-week low of $80.55 and a 52-week high of $105.52. The firm has a market capitalization of $14,668.20, a PE ratio of 21.93, a PEG ratio of 1.73 and a beta of 0.99. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55.
First Republic Bank (NYSE:FRC) last announced its quarterly earnings results on Friday, October 13th. The bank reported $1.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by ($0.02). First Republic Bank had a net margin of 26.85% and a return on equity of 12.06%. The company had revenue of $670.30 million for the quarter, compared to the consensus estimate of $678.25 million. During the same quarter in the prior year, the company earned $1.00 earnings per share. The company’s quarterly revenue was up 20.1% on a year-over-year basis. sell-side analysts predict that First Republic Bank will post 4.36 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Thursday, October 26th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 0.73%. The ex-dividend date was Wednesday, October 25th. First Republic Bank’s dividend payout ratio is presently 16.04%.
A number of equities research analysts have recently commented on the company. Jefferies Group LLC reiterated a “buy” rating and set a $111.00 target price on shares of First Republic Bank in a research note on Thursday, October 19th. Zacks Investment Research cut First Republic Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Barclays PLC set a $102.00 target price on First Republic Bank and gave the stock a “hold” rating in a research note on Monday, October 16th. Raymond James Financial, Inc. lowered their target price on First Republic Bank from $108.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, October 16th. Finally, Wells Fargo & Company lowered their target price on First Republic Bank from $100.00 to $95.00 and set a “market perform” rating on the stock in a research note on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $102.93.
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First Republic Bank Company Profile
First Republic Bank is a commercial bank and trust company. The Bank specializes in providing services, including private banking, private business banking, real estate lending and wealth management services, including trust and custody services, to clients in selected metropolitan areas in the United States.
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